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Dupage Policy Journal

Thursday, April 18, 2024

Former state school employee Kmak paid in $240K to teachers' pension fund, could collect $5.86M in retirement

Money 06

Former state school employee Judy Kmak, who retired in June 2017, saved $240,446 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kmak would collect as much as $5.86 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kmak received $123,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kmak will have already received $250,250 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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